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Author Topic: Top 3 Myths about Legal Spend Management Solutions  (Read 267 times)

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Top 3 Myths about Legal Spend Management Solutions
« on: April 03, 2017, 10:29:39 PM »
Legal departments these days are always on the look out for more innovative ways of operation and producing more cost-efficient outcomes. Using a Legal Spend Management Software can help in this, but many departments shy away from this opportunity due to their belief in certain misconceptions.

Here are the top 3 myths that are keeping legal departments from reaping the complete benefits of a Legal Spend Management Solution.

1. Legal Spend Management software is very expensive with little ROI.

The initial cost of purchasing a Legal Spend Management Solution may seem daunting to some legal departments but it definitely helps in neutralizing the costs with the plethora of analytical information it provides. Any departmentís success lies in the adhering of legal spend and staying within the decided budget, lowering costs and raising the bottom line.

With the analytics information provided, legal departments have the insight into spending by the department, and where this spend is going. With this data, you can in turn standardize billing processes for outside counsel, assess the effectiveness of firms, and apply best practice tactics for case management.

2. Such a software is tedious to implement.

Changing the way of working in any department can cause havoc and make it difficult to adjust. But this only holds true if the implementation is done hastily with no training at all.

When implementing a Legal Spend Management software, make sure to initiate it with a devoted and committed implementation team. To make the solution as effective as you want it to be, make sure to set clear and attainable goals, create internal buy-in and collaboration, and appropriately train outside counsel.

3. The new system may damage relationships with outside counsel.

Legal departments many times feel that changing the way or mode of payment and bill settling with outside council should not be disrupted as that may damage relationships with them. But on the contrary, finding a more standardized way to track legal spend can make payment for outside council more uniform and standardized, while being quick and on time.

The trick for smooth implementation is to train outside council and initiate them into the process properly, so they understand every aspect of the Legal Spend Management Solution, and in the long run are benefitted greatly from it.
I am Legal Technology Consultant, associated with Uberall Practice League, a Body of Uberall Solutions (I) LTD. The best in offering legal technology solutions and services to clients since 15 years.

 

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